You Have To Take Responsibility As A Stock Trader

The way to avoid responsibility as a stock trader is to adopt a trading style that is random

Becoming a stock trader can be characterized as a personal choice with
an immediate outcome. Remember, nothing happens until we decide to start;
it lasts as long as we want; and it doesn't end until we decide to stop.
All of these beginnings, middles, and endings of being a stock trader are the result of our interpretation of the information available and
how we choose to act on our interpretation.

Now, we may want the freedom to make choices, but that doesn't mean we
are ready and willing to accept the responsibility for the outcomes of
being a professional stock trader.

Stock traders who are not ready to accept responsibility for the outcomes
of their interpretations and actions will find themselves in a dilemma:
How do you participate in an activity that allows complete freedom of
choice, and at the same time avoid taking responsibility if the outcomes
of being a stock trader are poor?

The reality of being a stock trader is that, if you want to create consistency,
you have to start from the premise that no matter what the outcome, you
are completely responsible. Not the market, not the economy, not world
events  you.

The way to avoid responsibility if you are a stock trader is to adopt
a trading style that is, to all intents and purposes, random. Random trading
can be defined as poorly planned trades, or trades that are not planned
at all. Being a stock trader that has an unorganized approach that doesnt
allow you to find out what works on a consistent basis and what doesnt.

Randomness is unstructured freedom without responsibility. When a stock
trader trades without well-defined plans and with an unlimited set of
variables, it's very easy to take credit for the trades that turn out
to their liking, because in our minds we used some kind of method, however
poorly defined.

If the market's behavior were truly random, then it would be difficult
if not impossible to create consistency being a stock trader. If it's
impossible to be consistent, then we really don't have to take responsibility.
The problem with this logic is that our direct experience of the markets
tells us something different. The same behavior patterns present themselves
over and over again. Even though the outcome of each individual pattern
is random, the outcome of a series of patterns is consistent and statistically
reliable.

That may seem like a paradox, but its a paradox that can be overcome
with a disciplined, organized, and consistent approach. Many stock traders
spend hours doing market analysis and planning trades for the next day.
Then, instead of making the trades they planned, they do something else.
The trades they make are usually ideas from friends or tips from brokers.
By making unstructured, random trades, they are able to avoid responsibility.

Why? When you act on your own ideas, you put our abilities as a stock
trader on the line and get instant feedback on how well your ideas worked.
It's difficult to rationalize away any unsatisfactory results, since theyre
the direct results of your effort, logic, and ideas as a stock trader.
On the other hand, when you enter an unplanned, random trade, it's much
easier to shift the responsibility by blaming your friend or broker for
their bad ideas. The nature of trading itself also makes it easy to escape
the responsibility that comes with creating structure in favor of trading
randomly.

Any stock trader has the potential to be a winner, whether youre a great
analyst or a poor one, and whether you do or don't take responsibility.
It takes a lot of effort to create and follow a disciplined approach that
will make you a consistent winner as a stock trader. It's very easy to
avoid the mental work required to follow a disciplined, logical approach
and thats why most people do.

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